数字普惠金融对居民消费的异质性影响研究

Research on the heterogeneous impact of digital Inclusive finance on residents’ consumption

数字普惠金融是当前金融发展的重要趋势。在新发展格局的背景下,从空间视角,基于2011-2020年我国各省市的面板数据研究数字普惠金融对居民消费支出的异质性影响,研究发现:我国居民消费和数字普惠金融发展呈现空间集聚的特征;数字普惠金融的覆盖广度和使用深度对居民消费支出的直接效应显著为正,但其数字化程度的直接效应显著为负,这可能是因为网购会更加偏向于生活必需品,其需求价格弹性较低导致居民消费总额降低;然而,由于资源竞争,数字普惠金融三个维度的间接效应显著为负或者不显著。基于此,应加强网络基础设施建设,完善数字普惠金融发展规划,健全数字普惠金融监管机制。

Digital Inclusive finance is an important trend of financial development.In the context of the new development pattern,from a spatial perspective,based on the panel data of various provinces and cities in China from 2011 to 2020,this paper studies the heterogeneous impact of digital Inclusive finance on residents’ consumption expenditure.It is found that:the development of residents’ consumption and digital Inclusive finance in China presents the characteristics of spatial agglomeration.The direct effect of the coverage and use depth of digital Inclusive finance on residents’ consumption expenditure is significantly positive,but the direct effect of its digitization degree is significantly negative.This may be because online shopping will be more inclined to daily necessities,and its low demand price elasticity will lead to the reduction of residents’ total consumption.However,due to resource competition,the indirect effects of the three dimensions of digital Inclusive finance are significantly negative or not significant.Based on this,we should strengthen the construction of network infrastructure,improve the development plan of digital Inclusive finance,and improve the supervision mechanism of digital Inclusive finance.